senate Bill S3990A

2011-2012 Legislative Session

Authorizes Walter M. Callahan, a retiree of the New York state and local employees' retirement system to transfer his membership to the New York state teachers' retirement system

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
May 09, 2012 print number 3990a
amend and recommit to civil service and pensions
Jan 04, 2012 referred to civil service and pensions
Mar 11, 2011 referred to civil service and pensions

Bill Amendments

Original
A (Active)
Original
A (Active)

S3990 - Bill Details

See Assembly Version of this Bill:
A6568A
Current Committee:
Law Section:
Retirement
Versions Introduced in 2009-2010 Legislative Session:
S4735

S3990 - Bill Texts

view summary

Authorizes Walter M. Callahan, a retiree of the New York state and local employees' retirement system receiving retirement benefits, to transfer his membership to the New York state teachers' retirement system based upon subsequent employment as a business administrator by a school district.

view sponsor memo
BILL NUMBER:S3990 REVISED 03/17/11

TITLE OF BILL:
An act
to authorize Walter M. Callahan, a retiree receiving benefits from the
New York state and local employees' retirement system, to retroactively
terminate his retirement and transfer his membership in such retirement
to the New York state teachers' retirement system

PURPOSE:
This bill, requested by Mr. Walter M. Callahan, permits such retiree,
who has been receiving enhanced retirement benefits pursuant to
Chapter 86 of the Laws of 2000, to be entitled to elect to be deemed
retroactively to have transferred his membership in the NY State and
Local Employees' Retirement System to the NYS Teachers' Retirement
System pursuant to the Retirement and Social Security Law section 43
as of November 3, 2000.

SUMMARY OF PROVISIONS:
Section 1: Enacts a free standing unconsolidated law that effectuates
the provisions stated above in the purposes section of this memo.

EXISTING LAW:
None.

JUSTIFICATION:
This was requested by Mr. Walter M. Callahan.

LEGISLATIVE HISTORY:
S.4735 of 2009/2010

FISCAL IMPLICATIONS:
The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $405,000. This cost will be
partially offset by the pension reserve transferred from the New York
State and Local Employees' Retirement System, approximately $151,000,
in accordance with this bill.

LOCAL FISCAL IMPLICATIONS:
See Fiscal Note attached to the bill text.

EFFECTIVE DATE:
Immediate.

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                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3990

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 11, 2011
                               ___________

Introduced  by  Sen.  LARKIN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions

AN ACT to authorize Walter M. Callahan,  a  retiree  receiving  benefits
  from  the  New  York  state and local employees' retirement system, to
  retroactively terminate his retirement and transfer his membership  in
  such retirement to the New York state teachers' retirement system

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Notwithstanding any  provision  of  law  to  the  contrary,
Walter  M.  Callahan,  a  retired member of the New York state and local
employees' retirement system who has been receiving enhanced  retirement
benefits  pursuant to the retirement incentive enacted pursuant to chap-
ter 86 of the laws of 2000 since his retirement on November 4, 2000, who
on August 30, 2006 was appointed as a business administrator employed by
a school district, and who upon  assuming  such  business  administrator
position  became  a  member  of  the New York state teachers' retirement
system, shall be entitled to elect to be deemed  retroactively  to  have
transferred  his  membership  in the New York state and local employees'
retirement system to the New  York  state  teachers'  retirement  system
pursuant  to  section 43 of the retirement and social security law as of
November 3, 2000, provided that upon retirement from the New York  state
teachers'  retirement  system,  his  retirement  allowance  shall be (a)
recalculated taking into account the forfeiture of his enhanced  retire-
ment  benefits  by  reason  of  his return to public service pursuant to
section 11 of chapter 41 of the laws of 1997, and  (b)  reduced  by  the
actuarial  equivalent  of  the retirement benefits received by Walter M.
Callahan prior to his election pursuant to this  section;  and  further,
provided,  that  Walter  M.  Callahan  shall not be required to make any
employee contribution to the New York state teachers' retirement  system
and upon retirement from the New York state teachers' retirement system,
his  retirement allowance shall be increased by the actuarial equivalent
of the employee contributions he has made to the New York  state  teach-
ers' retirement system between August 30, 2006 and his election pursuant
to  this  section. In order to effect such retroactive transfer pursuant

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02901-02-1

S. 3990                             2

to this section, Walter M. Callahan shall provide, on or before December
31, 2011, notice to the comptroller and the governing body  of  the  New
York  state  teachers' retirement system of his election to transfer his
membership  in the New York state and local employees' retirement system
pursuant to this section.
  S 2. Upon the election by Walter M. Callahan to take advantage of  the
provisions  of this act, the New York state and local employees' retire-
ment system shall transfer the amount of his pension reserve to the  New
York state teachers' retirement system.
  S  3.  All  costs incurred in implementing the provisions of this act,
unless otherwise stated, shall be borne by the New York state  teachers'
retirement system.
  S 4. This act shall take effect immediately.
  FISCAL  NOTE.--This  bill  would  allow  Walter M. Callahan, a retired
member of the New York State  and  Local  Employees'  Retirement  System
(NYSLERS) and currently an active member of the New York State Teachers'
Retirement  System  (NYSTRS),  to  retroactively transfer his membership
from NYSLERS to NYSTRS pursuant to Section  43  of  the  Retirement  and
Social  Security  Law.  Upon  his retirement from NYSTRS, his retirement
allowance shall be recalculated taking into account  the  forfeiture  of
his  enhanced  retirement  benefits  by  reason  of his return to public
service pursuant to Section 11 of Chapter 41 of the Laws of 1997.  Addi-
tionally, his retirement benefit  shall  be  reduced  by  the  actuarial
equivalent  of the retirement benefits received from NYSLERS from Novem-
ber 4, 2000 through September  30,  2006.  Mr.  Callahan  shall  not  be
required  to make any further employee contributions to NYSTRS, and upon
retirement his benefit shall be increased by the actuarial equivalent of
employee contributions made to NYSTRS after August 30, 2006. Mr.  Calla-
han must file a written request with the head  of  the  New  York  State
Teachers' Retirement System on or before December 31, 2011.
  The cost of this benefit is equal to the increase in the present value
of  liabilities,  which  is  estimated to be $405,000. This cost will be
partially offset by the pension reserve transferred from  the  New  York
State  and  Local  Employees'  Retirement  System in accordance with the
bill.
  The source of this estimate is Fiscal Note 2011-13 dated March 8, 2011
prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
System and is intended for use only during the 2011 Legislative Session.
  FISCAL  NOTE.--This legislation will allow Walter M. Callahan, a reti-
ree from the New York State and Local Employees' Retirement  System,  to
retroactively  transfer  his  membership to the New York State Teachers'
Retirement System.
  Insofar as this bill will affect the New York State and Local  Employ-
ees' Retirement System, if it is enacted, Mr. Callahan will retroactive-
ly  transfer to the New York State Teachers' Retirement System and there
will be a transfer of reserves from the New York State and Local Employ-
ees' Retirement System to the New York State Teachers' Retirement System
which will equal our liability due to Mr.  Callahan's  current  pension.
Therefore,  this legislation will generate no cost to the New York State
and Local Employees' Retirement System. This legislation,  however,  may
generate a cost to the New York State Teachers' Retirement System.
  This estimate, dated January 21, 2011 and intended for use only during
the  2011  Legislative  Session, is Fiscal Note No. 2011-88, prepared by
the Actuary for the New  York  State  and  Local  Employees'  Retirement
System.

S3990A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A6568A
Current Committee:
Law Section:
Retirement
Versions Introduced in 2009-2010 Legislative Session:
S4735

S3990A (ACTIVE) - Bill Texts

view summary

Authorizes Walter M. Callahan, a retiree of the New York state and local employees' retirement system receiving retirement benefits, to transfer his membership to the New York state teachers' retirement system based upon subsequent employment as a business administrator by a school district.

view sponsor memo
BILL NUMBER:S3990A

TITLE OF BILL:
An act to authorize Walter M. Callahan, a retiree receiving benefits
from the New York state and local employees' retirement system, to
retroactively terminate his retirement and transfer his membership in
such retirement to the New York state teachers' retirement system

PURPOSE:
This bill, requested by Mr. Walter M. Callahan, permits such retiree,
who has been receiving enhanced retirement benefits pursuant to Chapter
86 of the Laws of 2000, to be entitled to elect to be deemed retroac-
tively to have transferred his membership in the NY State and Local
Employees' Retirement System to the NYS Teachers' Retirement System
pursuant to the Retirement and Social Security Law section 43 as of
November 3, 2000.

SUMMARY OF PROVISIONS:
Section 1: Enacts a free standing unconsolidated law that effectuates
the provisions stated above in the purposes section of this memo.

JUSTIFICATION:
This was requested by Mr. Walter M. Callahan.

LEGISLATIVE HISTORY:
S.4735 of 2009/2010

FISCAL IMPLICATIONS:
The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $307,000. This cost will be
partially offset by the pension reserve transferred from the New York
State and Local Employees' Retirement System, approximately $151,000, in
accordance with this bill.

EFFECTIVE DATE:
This act shall take effect immediately.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3990--A

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                             March 11, 2011
                               ___________

Introduced  by  Sen.  LARKIN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Civil Service and Pensions
  -- recommitted to the Committee  on  Civil  Service  and  Pensions  in
  accordance  with  Senate  Rule 6, sec. 8 -- committee discharged, bill
  amended, ordered reprinted as amended and recommitted to said  commit-
  tee

AN  ACT  to  authorize  Walter M. Callahan, a retiree receiving benefits
  from the New York state and local  employees'  retirement  system,  to
  retroactively  terminate his retirement and transfer his membership in
  such retirement to the New York state teachers' retirement system

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Notwithstanding  any  provision  of  law to the contrary,
Walter M. Callahan, a retired member of the New  York  state  and  local
employees'  retirement system who has been receiving enhanced retirement
benefits pursuant to the retirement incentive enacted pursuant to  chap-
ter 86 of the laws of 2000 since his retirement on November 4, 2000, who
on August 30, 2006 was appointed as a business administrator employed by
a  school  district,  and  who upon assuming such business administrator
position became a member of the  New  York  state  teachers'  retirement
system,  shall  be  entitled to elect to be deemed retroactively to have
transferred his membership in the New York state  and  local  employees'
retirement  system  to  the  New  York state teachers' retirement system
pursuant to section 43 of the retirement and social security law  as  of
November  3, 2000, provided that upon retirement from the New York state
teachers' retirement system,  his  retirement  allowance  shall  be  (a)
recalculated  taking into account the forfeiture of his enhanced retire-
ment benefits by reason of his return  to  public  service  pursuant  to
section  11  of  chapter  41 of the laws of 1997, and (b) reduced by the
actuarial equivalent of the retirement benefits received  by  Walter  M.
Callahan  prior  to  his election pursuant to this section; and further,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02901-07-2

S. 3990--A                          2

provided, that Walter M. Callahan shall not  be  required  to  make  any
employee  contribution to the New York state teachers' retirement system
and upon retirement from the New York state teachers' retirement system,
his  retirement allowance shall be increased by the actuarial equivalent
of the employee contributions he has made to the New York  state  teach-
ers' retirement system between August 30, 2006 and his election pursuant
to  this  section. In order to effect such retroactive transfer pursuant
to this section, Walter M. Callahan shall provide, on or before December
31, 2012, notice to the comptroller and the governing body  of  the  New
York  state  teachers' retirement system of his election to transfer his
membership in the New York state and local employees' retirement  system
pursuant to this section.
  S  2. Upon the election by Walter M. Callahan to take advantage of the
provisions of this act, the New York state and local employees'  retire-
ment  system shall transfer the amount of his pension reserve to the New
York state teachers' retirement system.
  S 3. All costs incurred in implementing the provisions  of  this  act,
unless  otherwise stated, shall be borne by the New York state teachers'
retirement system.
  S 4. This act shall take effect immediately.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This bill would allow Walter M. Callahan, a retired member of the  New
York State and Local Employees' Retirement System (NYSLERS) and current-
ly  an  active  member of the New York State Teachers' Retirement system
(NYSTRS), to retroactively  transfer  his  membership  from  NYSLERS  to
NYSTRS pursuant to Section 43 of the Retirement and Social Security Law.
Upon  his  retirement  from  NYSTRS,  his  retirement allowance shall be
recalculated taking into account the forfeiture of his enhanced  retire-
ment  benefits  by  reason  of  his return to public service pursuant to
Section 11 of Chapter 41 of the Laws of 1997. Additionally, his  retire-
ment benefit shall be reduced by the actuarial equivalent of the retire-
ment  benefits  received  from  NYSLERS  from  November  4, 2000 through
September 30, 2006. Mr. Callahan shall  not  be  required  to  make  any
further  employee contributions to NYSTRS, and upon retirement his bene-
fit shall be increased by the actuarial equivalent of employee  contrib-
utions  made  to  NTSTRS after August 30, 2006. Mr. Callahan must file a
written request with the head of the New York State Teachers' Retirement
system on or before December 31, 2012.
  The cost of this benefit is equal to the increase in the present value
of liabilities, which is estimated to be $307,000.  This  cost  will  be
partially  offset  by  the pension reserve transferred from the New York
State and Local Employees' Retirement  System  in  accordance  with  the
bill.
  The  source  of this estimate is Fiscal Note 2012-28 dated May 1, 2012
prepared by the Actuary of  the  New  York  State  Teachers'  Retirement
System and is intended for use only during the 2012 Legislative Session.
I,  Richard  A.  Young,  am the Actuary for the New York State Teachers'
Retirement System. I am a member of the American  Academy  of  Actuaries
and  I meet the Qualification Standards of the American Academy of Actu-
aries to render the actuarial opinion contained herein.
  FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
  This legislation will allow Walter M. Callahan, a retiree from the New
York State and Local  Employees'  Retirement  System,  to  retroactively
transfer  his  membership  to  the  New  York State Teachers' Retirement
System.

S. 3990--A                          3

  Insofar as this bill will affect the New York State and Local  Employ-
ees' Retirement System, if it is enacted, Mr. Callahan will retroactive-
ly  transfer to the New York State Teachers' Retirement System and there
will be a transfer of reserves from the New York State and Local Employ-
ees' Retirement System to the New York State Teachers' Retirement System
which  will  equal  our liability due to Mr. Callahan's current pension.
Therefore, this legislation will generate no cost to the New York  State
and  Local  Employees' Retirement System. This legislation, however, may
generate a cost to the New York State Teachers' Retirement System.
  Summary of relevant resources:
  Data: March 31, 2011 Actuarial Year End  File  with  distributions  of
membership  and  other  statistics  displayed  in the 2011 Report of the
Actuary and 2011 Comprehensive Annual Financial Report.
  Assumptions and Methods: 2010 and 2011  Annual  Report  to  the  Comp-
troller  on  Actuarial  Assumptions,  Codes Rules and Regulations of the
State of New York: Audit and Control.
  Market Assets and GASB Disclosures: March 31, 2011 New York State  and
Local  Retirement System Financial Statements and Supplementary Informa-
tion.
  Valuations of Benefit Liabilities and Actuarial Assets: summarized  in
the 2011 Actuarial Valuations report.
  I am a member of the American Academy of Actuaries and meet the Quali-
fication Standards to render the actuarial opinion contained herein.
  This estimate, dated January 27, 2012 and intended for use only during
the  2012  Legislative  Session, is Fiscal Note No. 2012-74, prepared by
the Actuary for the New  York  State  and  Local  Employees'  Retirement
System.

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